omniture

Policy Change Allowing 100% Foreign Ownership in E-commerce Businesses Creates Tremendous Opportunities for Brightoil's Future Growth

Brightoil Petroleum (Holdings) Limited
2015-06-22 23:30 2741

HONG KONG, June 22, 2015 /PRNewswire/ -- Brightoil Petroleum (Holdings) Limited ("Brightoil Petroleum" or the "Group"; stock code: 933.HK) believes that the Group is in good timing for establishing an e-commerce company in Qianhai, Shenzhen as the Ministry of Industry and Information Technology announced on Friday a policy change to lift foreign shareholding percentage limits and allow 100% foreign ownership in operational e-commerce businesses throughout China. The removal of foreign ownership limits by the Chinese government provides the Group with strong policy support and enormous opportunities to consolidate its domestic and foreign resources advantages and drives the rapid expansion of its e-commerce business.

The Ministry of Industry and Information Technology announced on 19 June 2015 that in order to promote e-commerce business development in China, encourage active participation, provide guidance for foreign investments and further boost market competition, the foreign shareholding percentage restrictions on the operational e-commerce business would be lifted throughout the country. As a result, the foreign ownership can reach 100%. This policy became effective on the day of its announcement.

About Brightoil Petroleum

 

Brightoil Petroleum (Holdings) Limited is a resource-based energy enterprise focusing on upstream oil and gas resources exploration, along with further developments midstream and downstream. The Group is principally engaged in the exploration, development and production of Upstream Oil and Gas Fields, Marine Transportation, Oil Storage and Terminal Facilities and International Trading and Bunkering Business.

 

The Group has three oil and gas field projects in its portfolio, including Dina 1 Gas Field, Tuzi Gas Field and Caofeidian Oil Field in Bohai Bay. The Company's interest in 2P reserves is expected to reach approximately 93.9 million barrels of oil equivalent. When all these three areas are in full operation, Dina 1, Tuzi and Bohai will reach a daily net production of approximately 25,000 barrels of oil equivalent, and an annual net production of approximately 9 million barrels of oil equivalent.

 

The Group currently operates four Aframax Oil Tankers and five VLCCs, and has a total capacity exceeding 2 million metric tonnes.

 

The Group's oil storage facility on Waidiao Island in Zhoushan, with a total capacity of 3.16 million cubic meters, is under construction. The terminal facility will be equipped with 13 berths which can accommodate vessels from 1,000 to 300,000 deadweight tonnage. Meanwhile, the Group's oil storage facility on Changxing Island in Dalian, with a total capacity of 7.19 million cubic meters, is also under construction. The terminal facility will be equipped with 13 berths to accommodate vessels from 1,000 to 300,000 deadweight tonnage.

 

The Group is one of the largest marine bunkering service providers in China with services expanded to global ports. The Group's tradable range of products is diversified into fuel oil, crude oil, gas oil, as well as petrochemical and the related petroleum products.

 

The Group will continue to develop its Upstream business by stretching its tentacles into the exploration, development and production of oil fields with a view to becoming one of the leading resources-based energy conglomerates in the world.

 

Brightoil Petroleum has been included in the Hang Seng MidCap Index, effective from 9 March 2015.

For additional information about Brightoil Petroleum, please visit the Company's website at www.brightoil.com.hk.

Press Release distributed by: Brightoil Petroleum (Holdings) Limited

Source: Brightoil Petroleum (Holdings) Limited
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